Kislak Completes $20.9 Million Hudson Valley, Ny Sales

Feb. 22, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the sale of two multifamily properties in New York’s Hudson Valley for $20,900,000.  The separate transactions include the $15,800,000 sale of Kensington Manor, a 128-unit complex in Middletown and the $5,100,000 sale of Forbus Hill Apartments, a 70-unit complex in Poughkeepsie.  Vice presidents Janet Bortz and Barry Waisbrod handled the Middletown transaction and Bortz handled the Poughkeepsie transaction.

“With no rent control and expanding rental markets, the demand for multifamily properties in the Hudson Valley is as strong as ever,” commented Bortz.  “The area has become an extremely popular option for investors and residents alike.  Population density, low interest rates and apartment values have made the area attractive to investors, particularly from lower cap rate markets.  Residents find rents more affordable than neighboring Bergen County in New Jersey and Rockland and Westchester Counties in New York.  The area also has relatively strong employment opportunities and is home to many local and national retailers.”

Kensington Manor is a 128-unit complex located in Middletown in Orange County.  It is an extremely well-maintained and professionally-landscaped property.  The buildings are all brick with pitched roofs and include a combination of large one and two-bedroom units and duplexes.  The one-bedroom units are 1,050 square feet, the two-bedroom units are 1,150 square feet and the duplexes are 2,100 square feet.  All of the units include dishwashers and washers and dryers, and some of the larger units have dens and two bathrooms.  The property also includes a private pool.  Tenants are responsible for utilities.

Kislak has a successful history with the seller having sold another property in New Jersey for him and was given an exclusive listing to market and sell Kensington Manor.  “Given the location and condition of the property, we immediately generated a great deal of interest,” commented Waisbrod.  “It is located in the Pine Bush school system and has maintained a strong tenancy throughout the seller’s 15 years of ownership.  The curb appeal, large units, amenities and solid operational reputation have contributed to the continued strength of the tenancy.”

The seller provided a purchase money mortgage and Provident Bank provided a first mortgage.  The seller was represented by Richard S. Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC, of West Orange, New Jersey.  The purchaser was represented by Michael S. Blustein, Esq. of Blustein Shapiro Rich Barone, LLP of Goshen New York.  
 
Forbus Hill Apartments is a garden-style, 70-unit complex located in Poughkeepsie in Dutchess County.  The property includes one and two bedroom units on three acres with ample on-site parking, and most units have hardwood floors.

The seller was a local family that built and owned the property for over 30 years.  The purchaser is a Dutchess County investor that previously purchased two other multifamily properties that were listed by Kislak through Janet Bortz.  With two other properties in the area, the purchaser expects to have operational economies.

“Multifamily properties in Dutchess County have been stable throughout the economic downturn given the proximity to employment, population density and affordable rents,” added Bortz.

Financing was provided by Flushing Bank through Mathew Albano, a New York City mortgage broker.  

“The market for multifamily investment properties is strong throughout the tri-state area, and Kislak continues to be successful listing and selling properties,” commented Robert Holland, senior vice president and co-managing director.  “These are exceptional properties in exceptional locations.  Both Janet and Barry are consistently among Kislak’s leading salespeople and each did an excellent job with these transactions.”

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets.  Established in 1906, Kislak’s market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals.  Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs.  The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.  

Now in its 105th year, Kislak was among a select group of firms recognized as a 2009 Power Broker by CoStar Group, Inc. for multifamily sales transactions throughout the northern New Jersey market.

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Established in 1906, The Kislak Comapny, Inc. is the dominant investment sales company serving the multifamily and retail markets throughout New Jersey, eastern Pennsylvania, southern New York and Delaware.